yatt -- taxes...is tuition deductible?

[yoda291]

is college tuition completely deductible on federal income taxes? Like, if I made 50,000 dollars last year, and paid out 20,000 ... is the entire 20,000 deductible and only 30,000 is taxable?

I'm getting conflicting views from people who really don't know I think.

 

[crrdsh]

Go to www.irs.gov ->individual->student

I know that there is the
1)Lifetime Learing Credit
2)Tuition and Education Credit

I did the latter. As long as the money was paid to a qualified tuition program (qtp?) and it was necessary for enrollment than yes you can take a credit for the monies paid. Your school should have issued you a 1098-T form, I believe, stating exactly how much you paid. [edit] There is a cap though on the credit.

 

[yoda291]

cool thx